Public / private partnerships (oftentimes referred to as P3 or P3s) are a joint effort between a public entity (such as a governmental or quasi-governmental entity, military branch, or public university) and a private organization that can be utilized to finance, develop, and manage projects. Private funding and expertise can sometimes allow a large-scale project to be finished sooner, accomplish social goals, or even make an idea reality in some cases. Projects may be entirely privately financed or financed in part with public funds and are typically structured to pay for themselves over time using revenues generated by the project.
Novus Innovation Corridor is a public / private partnership between Arizona State University and Catellus Development Corporation. As partners, ASU, and master developer, Catellus work together to make the Novus come to life.
Partnerships between the private and public sectors are increasing and provide benefits to both parties. Innovation and development capabilities from the private sector, for instance, can improve on the efficiency of offering public services or provide expertise in areas not generally found in government.
Often, it makes the most financial and logistical sense for a public entity to partner with the private sector instead of undertaking a project or initiative on their own for which they have limited experience or expertise.
Novus is a working model of a public / private partnership project. As master developer, Catellus works collaboratively with ASU to implement the Novus design, install the required infrastructure, market development opportunities to the commercial real estate community and end users, and manage the community as it develops, all as a partner of ASU.